Adobe Posts Strong Q2 Results, Forecasts Better Q3
Adobe has forecast sales in the ballpark of US$3.88 billion for the quarter ending in August, outstripping Wall Street analysts’ forecasts for the company.
Analysts, on average, estimated $3.83 billion, according to Bloomberg.
Abode also announced that subscriptions will rise by 25 per cent in the quarter, with digital software revenue up 22 per cent.
This follows second quarter earnings that outpaced analysts estimates.
For the June quarter, Adobe reported revenue of $3.84 billion, up 23 per cent from a year ago, and well above the company’s own $3.72 billion forecast.
Digital Media revenue was $2.79 billion, up 25 per cent, with creative revenue of $2.32 billion, up 24 per cent and document cloud revenue of $496 million, up 30 per cent.
“Adobe had an outstanding second quarter as Creative Cloud, Document Cloud and Experience Cloud continue to transform work, learn and play in a digital-first world,” said Adobe CEO Shantanu Narayen.
CFO John Murphy added: “The large market opportunity and momentum we are seeing across our creative, document and customer experience management businesses position us well to deliver another record year.”